Informal Investment in Transition Economies: Individual Characteristics and Clusters |
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Authors: | László Szerb Gábor Rappai Zsolt Makra Siri Terjesen |
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Institution: | (1) University of Pécs, Rákóczi 80, Pécs, H-7622, Hungary;(2) Brisbane Graduate School of Business, Queensland University of Technology, 2 George St., Brisbane, 4001, Australia;(3) Max Planck Institute of Economics, Jena, Germany;(4) Texas Christian University, Fort Worth, Texas, USA |
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Abstract: | This paper investigates the factors driving informal investment in Croatia, Hungary and Slovenia. Using Global Entrepreneurship
Monitor (GEM) data, we find that the low rates of informal investment activity and the small amounts of investments in these
countries are driven by entrepreneurial behaviors consistent with limited market economy experience. We extend prior studies
by investigating the role of business ownership, and identify significant differences between individuals with and without
business ownership experience in terms of having start-up skills, knowing an entrepreneur and fearing failure. Cluster analysis
identifies seven distinct groups of informal investors, and reveals the heterogeneity in terms of investors’ age, gender,
level of education, amount of investment, start-up skills, ownership status, income, opportunity perception and country of
residence.
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Keywords: | informal investment entrepreneurship Global Entrepreneurship Monitor CEE transition economies |
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